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Tuesday's Asia ADR Recap: Suntech
05/06/08 - 07:14 PM EDT
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Elsewhere in the Chinese oil and gas complex, Cnooc CEO and Taiwan-based CPC Corp. are reportedly set to launch a joint exploration in the Taiwan Strait, according to the Economic Daily News. Shares of Cnooc traded up 4.6% to $183.47. China Petroleum & Chemical SNP, a Chinese energy and chemical company, was hit with a downgrade from S&P Equity Research from hold to sell, citing earnings risks from high oil prices. Despite the downgrade, S&P raised its 12-month price target to $108 from $96. Shares of SNP were little changed at $110.37. Be sure to check out the Far East Portfolio at Stockpickr.com every night to find out which stocks in India and China are making big moves and announcing major news. For more on Asia, check out Daniel Harrison's coverage at TheStreet.com.
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